President-elect Donald Trump got another unexpected gift after his historic comeback victory over Vice President Kamala Harris.
CNBC reported Wednesday morning that shares of Trump Media & Technology Group, the umbrella company that owns the Truth Social platform, soared 16 percent shortly after Wall Street opened, “paring gains from the premarket session that pushed shares up about 50% and above $51 a share.”
The stock continued its upward trajectory overnight as Trump established a solid lead in the Electoral College, significantly narrowing Vice President Kamala Harris’s path to victory.
Trading was halted several times on Wednesday morning due to volatility, CNBC reported.
The stock, considered a market proxy for the former president, rallied despite a surprise earnings report released after the bell indicating a loss of $19.2 million in the third quarter. Trump owns a majority of the company that runs Truth Social.
Shares have experienced volatility throughout the election season, fluctuating as Trump’s fortunes shifted during his tight race against Democratic Vice President Kamala Harris.
Over the past five trading sessions, the shares fell more than 34% as Harris appeared to gain momentum in the race’s final days. However, the stock, which trades under the ticker DJT after the Republican’s initials, has surged more than 105% over the past month.
During Tuesday’s session, as the candidates made their final campaign push, the stock jumped more than 18% at its session high before closing down 1.2%, CNBC noted. “In the earnings release, the company reported revenue of just over $1 million,” the outlet added.
“This has been an extraordinary quarter for the Company, for Truth Social users, and for our legion of retail investors who support our mission to serve as a beachhead for free speech on the Internet,” Trump Media CEO Devin Nunes, a former GOP congressman from California, said in a statement.
Billionaire Elon Musk is having fun on Twitter after 45th President Donald Trump has been declared the winner of the presidential race.
The people of America gave @realDonaldTrump a crystal clear mandate for change tonight,” Musk wrote on the X platform.
“America is a nation of builders. Soon, you will be free to build,” he tweeted.
Musk invested even more money into his pro-Trump political action committee and other Republican groups in the first half of October, increasing the substantial amount he contributed to this election cycle.
National Review reported that “Musk donated almost $44 million more to America PAC and $10 million to the Senate Leadership Fund, a super PAC linked to Senate Minority Leader Mitch McConnell (R., Ky.), newly available federal records show.”
The outlet added: “He also poured over $2 million into the Sentinel Action Fund, a conservative Super PAC active on the ground in Pennsylvania.”
Sentinel Action Fund president Jessica Anderson said on X: “Thank you @elonmusk for catching the early vote/ absentee vision! This contribution closes the gap in PA. Let’s go win!”
Should former President Donald Trump retake the White House, having a GOP-controlled Senate will enable him to continue nominating and placing constitutionalists on federal courts and, if needed, the U.S. Supreme Court.
With those contributions, Musk had donated close to $120 million to America PAC, a group focused on registering and mobilizing Republican voters in critical swing states. In addition to Musk’s sizable contribution, the DeVos family has added $2 million, while investor Nelson Peltz has contributed $1 million to the effort.
That level of spending positioned Musk as one of the most significant political donors in this election cycle. However, it constitutes only a small portion of Musk’s estimated $243 billion fortune, making him the richest person in the world.
